Novae continues to explore run-off options
Lloyd's insurer Novae Group is continuing to explore options to shed its US legacy liabilities despite recently ending exclusive talks with the acquisition hungry Bermudian run-off firm Enstar.
Novae's "discontinued business" - against which the group made a £103mn provision in 2004 - consists of casualty treaty, healthcare and third-party liability lines.
In addition, it underwrote errors and omissions and directors and officers in the late 90s, and suffered brutally in the fall-out from those years affected by Wall Street...
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